FEDERAL DEPOSIT INS. CORP. v. CARDONA

No. 83-1287.

723 F.2d 132 (1983)

FEDERAL DEPOSIT INSURANCE CORPORATION, etc., Plaintiff, Appellee, v. Osvaldo CARDONA, et al., Defendants, Appellants.

United States Court of Appeals, First Circuit.

Decided November 30, 1983.


Attorney(s) appearing for the Case

Francisco Castro Amy, San Juan, P.R., with whom Rafael F. Castro Lang, San Juan, P.R., was on brief, for appellants.

Omar Cancio-Martinez, Hato Rey, P.R., with whom Doval, Munoz, Acevedo, Otero & Trias, Hato Rey, P.R., was on brief, for appellee.

Before COFFIN and BOWNES, Circuit Judges, and SMITH, Senior District Judge.


COFFIN, Circuit Judge.

Osvaldo Cardona executed three demand notes payable to the order of Banco Credito y Ahorro Ponceno (hereinafter "Banco Credito"). The first of these notes was made July 12, 1968, in the amount of $85,000 with interest at 8 percent; the second was made January 13, 1970, in the amount of $20,000 with interest at 9 percent; the third was made July 10, 1971, in the amount of $35,000 with interest at 8 percent.

Neither the maker nor the payee...

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